Ethereum (ETH) Price Breaks $2,000 As Crypto Market Enters New Bull Phase

Ethereum (ETH) has reclaimed the critical $2,000 price level, surging more than 15% in the past 24 hours amid renewed bullish sentiment

The price of Ethereum (ETH) has surged by more than 15% in the past 24 hours, reclaiming the critical $2,000 level as cryptocurrency markets enter a new bull phase.

The significant move by Ethereum follows Bitcoin’s groundbreaking achievement of crossing the $100,000 threshold for the first time in history, which has triggered momentum across altcoins. As Bitcoin reached this milestone, several analysts predicted a subsequent surge in Ethereum's price due to technical factors and market trends.

ETH/USD price chart in the past 24 hours - TradingView

According to market analysts at Benzinga, Ethereum's price action demonstrates strong technical fundamentals, with trading volume increasing substantially. This influx of liquidity is attributed to investors rotating profits from Bitcoin into cryptocurrency markets with higher growth potential, such as Ethereum.

The current ETH price movement has broken through several key resistance levels, which are technical indicators that traders follow closely. The price action broke through the 50-day moving average, a key indicator used by short-term traders, as well as the 100-day moving average, which is typically followed by intermediate-term traders.

This indicates that traders operating on different time frames are now converging on bullish signals, potentially setting the stage for sustained upward momentum in the days ahead.

Bitcoin's $100K Milestone Triggers Ripple Effect

Bitcoin's breakthrough of the psychological $100,000 barrier has dramatically altered market sentiment, creating ripple effects throughout the cryptocurrency ecosystem.

BTC/USD price chart in the past 7 days - TradingView

Trading data shows that Ethereum's correlation with Bitcoin remains strong, but the current 15% daily gain for ETH outpaces Bitcoin's recent performance. This pattern aligns with previous bull market cycles where Ethereum delivered substantial returns after Bitcoin established new all-time highs.

Moreover, several geopolitical developments have contributed to the favorable market conditions supporting Ethereum's price surge. The apparent de-escalation in the Russia-Ukraine conflict has reduced market uncertainty, with preliminary peace agreements signaling potential resolution. This development has improved risk sentiment across financial markets, benefiting cryptocurrencies as investors seek growth opportunities.

Furthermore, former President Donald Trump, now back in office, recently tweeted that "NOW is the best time to buy stocks," triggering a broad market rally. His statement has been interpreted as a strong vote of confidence in financial markets, with spillover effects boosting cryptocurrency prices.

Historically, positive stock market sentiment has correlated with cryptocurrency price appreciation.output: Despite the recent rally, several economists remain skeptical of cryptocurrencies, arguing that their price movements are largely driven by speculation and that their long-term value remains uncertain.